ING said this sale is in line with its stated objective to reduce complexity and divest non-core assets.
ING obtained its stake in Fubon as part of the transaction to sell its Taiwanese life insurance business to Fubon, which was announced in October 2008 and closed in February 2009.
The sale of the Fubon stake was executed in a block trade to institutional investors after the close of the Taiwan Stock Exchange on 8 December 2010.
According to ING, the transaction will result in a pre-tax profit of approximately EUR170m, to be booked in the fourth quarter of 2010.
